Japan considers treating Bitcoin as currency - Nikkei

According to a report by Nikkei, Japan’s Financial Services Agency (FSA) is mulling over whether to make revise regulations that would classify digital currencies viz. bitcoin as "fulfilling the functions of currency".

The report notes: "They are now recognized as objects but are not treated on a par with their more established counterparts. Under the FSA's proposed definition, virtual currencies must serve as a medium of exchange, meaning that they can be used to purchase goods and services. They must also be exchangeable for legal tender through purchases or trades with an unspecified partner."